MAYOR BLOOMBERG AND GOVERNOR PATERSON JOIN THE DURST ORGANIZATION TO ANNOUNCE $1.275 BILLION IN FINANCING FOR THE BANK OF AMERICA TOWER AT ONE BRYANT PARK

Largest Single Asset Real Estate Loan in Nation Issued Since Capital Markets Crashed Last Fall

Mayor Michael R. Bloomberg and Governor David Paterson joined The
Durst Organization to announce $1.275 billion in financing for The Bank of
America Tower at One Bryant Park. This is the first major real estate financing
completed in the United States since capital markets crashed last fall. The
first LEED Platinum certified commercial tower in the country, One Bryant Park
is an Empire State Development Corporation Project and contributes $30 million
annually in PILOTs. Originally, the project received $650 million in Liberty
Bonds for construction of the building. The size of the new financing is $325
million larger than the financing for construction, which reflects the
appreciation of the asset, a positive sign for New York City's economy.

"The financing of The Bank of America Tower at One Bryant Park is
a great vote of confidence in the strength and vitality of our City's long-term
economic future," said Mayor Bloomberg. "Liberty Bonds helped finance this tower
after September 11th, sending a signal to the world that the City remained open
for development and business. This most recent financing is a great indication
that New York City remains well poised for growth. I'd like to congratulate The
Durst Organization and its lending partners on this deal and thank them for
their commitment to New York."

"This is both an extraordinary financial deal and an extraordinary
environmental achievement for the City and State of New York," said Governor
Paterson. "I want to congratulate everyone involved, including The Durst
Organization and Bank of America, for working together to find a way, despite
the difficult marketplace, to structure a deal that will generate significant
revenue for the City, the State and the MTA. More than that, I hope that this
positive news will spur a renewed sense of optimism that our economy is
beginning to rebound and that such deals can be achieved."

The Bank of America Tower at One Bryant Park is a 50/50 joint
venture of the Bank of America and The Durst Organization. Ground was broken on
August 2nd, 2004 on the 2.1 million-square-foot-55-story building and has been
open since May, 2008. It is 98% leased and is expected to be completed early in
2010. Designed by Cook + Fox Architects the building is the first LEED Platinum
skyscraper ever built and is the most advanced building of its size in the
United States.

"Thank you to our lenders, partners and advisors for getting this
deal done," said Douglas Durst, Chairman of The Durst Organization. "We are very
proud of One Bryant Park; the building has proven to be a trail blazer. It's the
first LEED Platinum office tower in the United States. It was the largest
skyscraper designed and built after September 11th, 2001 and now it's the first
building to get a large loan after the credit markets froze last year. We are
hopeful that this financing will engender additional lending and get our city,
state and nation's economies back on track."

With an emphasis on sustainability, water efficiency, indoor
environmental quality, and energy and atmosphere, One Bryant Park features a
wide range of sophisticated environmental technologies, from filtered
under-floor displacement air ventilation to advanced double-wall technology and
translucent insulating glass in floor-to-ceiling windows that permit maximum
daylight and optimum views. It also includes a state-of-the-art onsite
4.6-megawatt combined heat and power electric plant. The building makes 70% of
its energy onsite by producing its own electricity and capturing and reusing
waste from the combustion of natural gas in order to heat the building, make hot
water and provide steam to power the air conditioning system. The building saves
10,000,000 gallons of water a year by using waterless urinals, collecting and
reusing rain water and ground water and by recycling the water used in sinks.

The financing for the loan was provided by a consortium of
financial institutions. Bank of America is the Administrative Agent and the
Letter of Credit Issuer. The Bank of New York Mellon is the Construction Agent
and Wells Fargo Bank is the Collateral Agent. Financing is also provided by
Westdeutsche Immobilien Bank and Heleba Bank.